Monday, September 1st11.8°C
23003
22915

Toll operator 407 International sees profits fall by 40 per cent in Q2

TORONTO - Toll highway operator 407 International Inc. says its second-quarter net income fell 40 per cent, even though revenues continued to grow.

The company, which operates the Highway 407 electronic toll road that crosses the Greater Toronto Area, says net income fell to $45.4 million in the three-month period ended June 30. That compared with net income of $75.7 million a year earlier.

Revenues shot up to $228.5 million from $205.2 million as the total number of trips climbed to 30,472 in the quarter from 29,615 in the compared year-earlier period. The average revenue per trip rose to $7.49 from $6.92 year over year.

Operating expenses increased to $33.3 million from $26.7 million a year earlier while interest and "other" expenses grew to $117.1 million from $59.8 million, the company reported Thursday.

407 International Inc. is jointly owned by Cintra Infraestructuras S.A., a wholly owned subsidiary of Spain's Ferrovial S.A., with a 43.23 per cent interest, and subsidiaries of the Canada Pension Plan Investment Board, 40 per cent, and by Montreal-based engineering giant SNC-Lavalin (TSX:SNC) with a 16.77 per cent holding.

The Canadian Press


Read more Business News

22364


Recent Trending




Today's Market
S&P TSX15625.73+67.561
S&P CDNX1023.991.62
DJIA17098.4518.88
Nasdaq4580.271+22.577
S&P 5002003.37+6.63
CDN Dollar0.9210+0.0016
Gold1281.70-2.1001
Oil95.96+1.29
Lumber349.60+2.60
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.0750.00
Russel Metals36.48+0.09
Copper Mountain Mining2.93+0.02
Colorado Resources0.180.00
ReliaBrand Inc0.10+0.001
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.245-0.005

 



20759

FEATURED Property
16938521602 1160 Sunset Drive
2 bedrooms 3 baths
$1,269,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...

_








Member of BC Press Council


22810